A Binance user reported that someone used illegal funds to purchase crypto assets via the Binance exchange’s P2P marketplace.
Binance is a popular crypto exchange, known for its secure & transparent crypto services. The services of this exchange are available in almost every country, where crypto trading is not illegal. This exchange provides almost every type of crypto trade service so that crypto investors can easily purchase crypto assets.
On 27 April 2023, An Indian Crypto Twitter user Sonali Rawat recently sold 560 USD via the Binance P2P marketplace but after that, her bank account was seized by the bank citing suspicious financial activities, linked with the sender account.
Twitter users also shared the notice, received from the local cyber crime police station, to confirm that she is not kidding.
A few crypto experts claimed that the USDT buyer probably used the fake identity to create a Binance account & before that, he was already using someone’s Bank account to use stolen funds.
A crypto news reporter claimed that the USDT buyer is playing this game on behalf of traditional banking right and he only claimed that he sent the funds mistakenly & wants funds back.
Note: At the time of writing this article, neither Binance exchange nor Binance CEO responded to this case.
Tips for Binance users
This is a bitter reality that we can’t have a P2P crypto trade marketplace free from bad actors but still, there are some tips for newbie crypto traders to remain away from fraudsters.
- Never trade crypto assets with new traders
- Never accept bank payment from a third-party account, in case the trader sends forcely then do consider to return the funds to the same account or just simply report via Binance support & don’t confirm the trade.
- Every time try to trade with only those crypto traders who have better records e.g. trust rate, trade competition rate, & fully verified account.
- Never try to get into cash deals because that may be a fraud trap.
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